Allstate Corp. said it expects about $1.1 billion of losses from the wildfires that ravaged swaths of Los Angeles last month. The anticipated cost partly reflects the Northbrook-based insurer's decision to reduce market share beginning in 2007, the insurer said in a statement Wednesday, when it reported fourth-quarter results.

The star-studded FireAid benefit concerts brought in more than $100 million for immediate relief efforts and long-term needs in Los Angeles, according to estimates from organizers on Tuesday. More than 50 million viewers watched the shows across 28 streaming platforms,

State Farm, the largest insurance company in California, has asked state regulators to immediately approve a steep rate hike for homeowners to prevent a “dire situation” for its customers and the broader insurance market in the wake of the disastrous Los Angeles wildfires.

California's largest private insurer, State Farm, on Monday urged the state's insurance regulator to approve an emergency hike in rates to help offset the hefty payouts the company is making after devastating wildfires in Los Angeles last month.

State Farm has asked the state's insurance commissioner for approval to increase premiums on homeowners, citing financial challenges.